Despite all the benefits that Bitcoin offers to its investors, people are not willing to try them at all. It is because some major misconceptions about Bitcoin are preventing their steps from trying this valuable asset.
Cryptocurrencies and Blockchain aren’t a new thing in the market today. Many investors are already earning a lot by investing in this valuable asset because they have neglected myths that revolve around Bitcoin and other Cryptocurrencies.
There is no doubt that Bitcoin is a popular digital currency all over the world with market volatility. This volatility of Bitcoin is used as an instrument to shatter people’s trust in Bitcoin. If you understand the market of Cryptocurrencies, you know pretty well how exciting it is to earn high returns in less time.
5 Major Misconceptions About Bitcoin You Should Clear Right Away
Due to high returns on investment, Bitcoin is already dominating all other digital currencies that have their existence in the market. Simultaneously, the market cap value of Bitcoin is certainly high compared to other virtual assets.
So, before planning to invest in Bitcoin, you must know everything about this virtual asset that is playing a key role in the financial market at present.
Now, let’s discuss the top five misconceptions about Bitcoin that you should clear right away at any cost.
1. Bitcoin is Only for Criminals
One of the most common myths is ‘criminals only use Bitcoin.’ The reason for this claim is because Silk Road used Bitcoin for payment as there are no intermediaries required during transactions. Nevertheless, this is only one side of Bitcoin.
If you see the other side of Bitcoin, you will realize how worthy it is. Bitcoin gives a way of exchanging money to everyone, even those who don’t have any authority or right in traditional banking systems. So, Bitcoin is not for criminals; in fact, it is for everyone across the globe.
2. Bitcoin is a Blockchain
New candidates who are investing in Bitcoin consider Bitcoin and Blockchain the same. Bitcoin is a virtual currency that acts as a medium of exchange and Blockchain is distributed ledger technology which is used in various sector including healthcare, finance, traveling, business, etc.
Moreover, Blockchain is a network that helps every digital currency, including Bitcoin, to verify transactions securely. So, Bitcoin and Blockchain are not the same.
3. Bitcoin is Illegal
Another major myth regarding Bitcoin that it is illegal. There are several countries where the government doesn’t allow Crypto payments, but this does not mean that Bitcoin and other digital currencies are illegal.
It is true that Bitcoin is highly related to illegal transactions because it eliminates the need for financial authorities. However, this does not make Bitcoin illegal. So, this is just a myth!
4. Bitcoin Has No Real Value
Some individuals claimed that Bitcoin has no real value, and this is one of the biggest misconceptions associated with this internet currency.
Just think, if Bitcoin has no real value, then why larger companies and billionaires are investing in this asset. Have you got my point? Just because some are claiming that Bitcoin is fake, it does not mean that you will believe them without knowing the facts. You can also visit Pattern Trader Login for more information about the same.
5. Bitcoin Gets Hacked All the Time
‘Bitcoin gets hacked all the time’ is one of the most common myths you will come across. If you are already a Bitcoin investor, you know that this statement is false.
Many consider Bitcoin as an unsafe investment, but in reality, it is not! However, after investing in Bitcoin, you must store your digital currencies safely in your wallet. There are some major precautions that you just take to hold your Bitcoin securely.
The Final Thoughts
It is very important to clear your misconception regarding Bitcoin and other virtual currencies before investing. Thus, the above listed are some of the most common myths that individuals have on their minds.